MEMPERKASAKAN SISTEM TERAS PERBANKAN ISLAM DENGAN KONTRAK SYARIAH, BLOK RANTAI DAN KONTRAK PINTAR: SUATU KAJIAN KUALITATIF

Empowering Islamic Core Banking System with Shariah Contract, Blockchain and Smart Contract: A Qualitative Study

Authors

  • Mohd Naufal Mohd Tarmizi Universiti Malaya, Malaysia
  • Ahmad Hidayat Buang Universiti Malaya, Malaysia
  • Mohd Zaidi Daud Universiti Malaya, Malaysia

Keywords:

core banking system, Islamic banking, Shariah contract, blockchain, smart contract

Abstract

Nowadays Islamic core banking system is developed based on an open architecture that allows the integration of multiple systems and modules that ease the functionality to be added, replaced, and amended. Though it becomes easier, however, the Islamic core banking system is exposed to Shariah risk as simple as a change request that can affect a parameter which is Shariah compliance may become non-compliance due to changes in a single line of coding. Thus, this article evaluates the prospect of integrating Shariah requirements in the core banking system by virtue of Shariah compliance principles under the Islamic Financial Services Act 2013 aside from evaluating the prospect of empowering the functionality of the core banking system by referring to previous studies on blockchain and smart contract technologies. A qualitative approach via textual study, legal doctrine, and interviews was undertaken in this study to analyze data related to Shariah contract requirements, blockchain and smart contract. This article found that financial technologies such as blockchain and smart contract if integrated into the Shariah contract-based core banking system can mitigate counterparty risk, provide high-quality data, elevate the integrity of Shariah compliance processes, protect the transparency of data and processes, and act as an enforcement tool for contract conclusion.

Downloads

Download data is not yet available.

References

[Bank Nizwa], “Retail Banking,” dalam Global Islamic Finance Report ed. Humayon Dar, Rizwan Rahman dan Rizwan Malik (t.t.p.: t.p., 2014), 104-109.

Adam Brinckman, Donald Luc, Jarek Nabrzyski, Gary L. Neidig, Joel Neidig, Tyler A. Puckett, Swapna Krishnakumar Radha dan Ian J. Taylor, "A Comparative Evaluation of Blockchain System for Application Sharing Using Containers" (prosiding seminar, IEEE 13th International Conference on e-Science (e-Science), Auckland, New Zealand, 24-27 Oktober 2017), 490-497.

Akta Perkhidmatan Kewangan Islam 2013 (Akta 759).

Chris Elsden, Arthi Manohar, Jo Briggs, Mike Harding, Chris Speed dan John Vines, "Making Sense of Blockchain Applications: A Typology for HCI" (prosiding seminar, Conference on Human Factors in Computing Systems, Montréal, Canada, 21-26 April 2018), 1-14.

David Meijer dan Jolien Ubacht, "The Governance of Blockchain Systems from An Institutional Perspective, A Matter of Trust or Control?" (prosiding seminar, 19th Annual International Conference on Digital Government Research, Delft, Belanda, 30 Mei – 1 Jun 2018), 1-9.

Dhiren Patel, Jay Bothra dan Vasudev Patel, "Blockchain Exhumed" (prosiding seminar, ISEA Asia Security and Privacy (ISEASP), India, 29 Januari – 1 Februari 2017), 1-12.

Halimah B.Z. et al., “Evaluation of HiCORE: Multi-tiered Holistic Islamic Banking System based on User Acceptance Test” (prosiding seminar, International Symposium on Information Technology - Visual Informatics, ITSim'10, Kuala Lumpur, 2010), 1-6.

Halimah B.Z. et al., “Holistic Islamic Virtual Banking System: SOA Parameter- based Semantic Approach (HiCORE)” (prosiding seminar, International Symposium on Information Technology, Kuala Lumpur, 2008), 1-7.

Idris Awang, Kaedah Penyelidikan: Suatu Sorotan (Kuala Lumpur: Akademi Pengajian Islam Universiti Malaya, 2001).

Jose Parra Moyano dan Omri Ross, "KYC Optimization Using Distributed Ledger Technology," Business & Information Systems Engineering 59:6, (2017), 411-423.

Konstantinos Christidis dan Michael Devetsikiotis, "Blockchains and Smart Contracts for the Internet of Things," IEEE Access vol. 4, (2016), 2292-2303.

Luisanna Cocco, Andrea Pinna dan Michele Marchesi, "Banking on Blockchain: Costs Savings Thanks to the Blockchain Technology," Future Internet 9:25 (2017), 1-20.

M. Kabir Hassan dan Sirajo Aliyu, “A contemporary survey of Islamic banking literature,” Journal of Financial Stability 34 (2018), 12-43.

M. Puvenesvary et al., Qualitative Research: Data Collection & Data Analysis Techniques (Sintok: Universiti Utara Malaysia, 2008).

Malcolm Campbell-Verduyn, "Introduction: What Are Blockchains and How Are They Relevant to Governance in The Global Political Economy?" dalam Bitcoin and Beyond: Cryptocurrencies, Blockchains, and Global Governance, ed. Malcolm Campbell-Verduyn (London: Routledge, 2018), 1-24.

Merlinda Andoni, Valentin Robu, David Flynn, Simone Abram, Dale Geach, David Jenkins, Peter McCallum dan Andrew Peacock, "Blockchain Technology in The Energy Sector: A Systematic Review of Challenges and Opportunities," Renewable and Sustainable Energy Reviews vol. 100, (2019), 1-32.

Merve Can Kus Khalilov dan Albert Levi, "A Survey on Anonymity and Privacy in Bitcoin-Like Digital Cash Systems," IEEE Communications Surveys & Tutorials vol. 20, no.3 (2018), 2543-2585.

Mohammad Mahbubi Ali (Penasihat Syariah), dalam temu bual dengan penulis, 23 September 2022.

Mohd Awang Idris, Haslina Muhammad dan R Zirwatul Aida R Ibrahim, Metodologi Penyelidikan Sains Sosial (Kuala Lumpur: Penerbit Universiti Malaya, 2018).

Mohd Rizal Abdul Rahman (Timbalan Presiden Teknologi Informasi, Gogopasar), dalam temu bual dengan penulis, 22 Ogos 2022.

Mohd Zamri Yusoff (Ketua Pegawai Eksekutif, BIT Software), dalam temu bual dengan penulis, 23 Ogos 2022.

Nata Goderdzishvili, Eka Gordadze dan Nikoloz Gagnidze, "Georgia’s Blockchain-powered Property Registration: Never blocked, Always Secured - Ownership Data Kept Best!" (prosiding seminar, 11th International Conference on Theory and Practice of Electronic Governance, Galway, Ireland, 4-6 April 2018), 673-675.

Noraini Idris, Penyelidikan dalam Pendidikan (Kuala Lumpur: McGraw-Hill, 2010).

Othman Abdullah (Ketua Pegawai Eksekutif, Silverlake Axis), dalam temu bual dengan penulis, 1 September 2022.

Pierluigi Cuccuru, "Beyond Bitcoin: An Early Overview on Smart Contracts," International Journal of Law and Information Technology 25, (2017), 179-195.

Polisi Dokumen Ijarah Bank Negara Malaysia.

Qassim Nasir, Ilham A. Qasse, Manar Abu Talib dan Ali Bou Nassif, "Performance Analysis of Hyperledger Fabric Platforms," Hindawi Security and Communication Networks, (2018), 1-14.

Seong-Kyu Kim, Ung-Mo Kim dan Jun-Ho Huh, "A Study on Improvement of Blockchain Application to Overcome Vulnerability of IoT Multiplatform Security," Energies 12:402 (2019), 1-29.

Shane Kilcommins, “Doctrinal Legal Method (Black-Letterism): assumptions, commitments and shortcomings,” laman sesawang CORE, diakses pada 25 September 2022, https://core.ac.uk/download/pdf/84112166.pdf

Sherin Kunhibava et al., “Sukūk on blockchain: a legal, regulatory and Sharī’ah review,” ISRA International Journal of Islamic Finance vol 13, no. 1 (2021), 118-135. https://doi.org/10.1108/IJIF-06-2020-0120

Shifa Mohd Nor, Mariani Abdul-Majid dan Siti Nabihah Esrati, “The role of blockchain technology in enhancing Islamic social finance: the case of Zakah management in Malaysia,” Foresight vol. 23, no. 5 (2021), 509-527. https://doi.org/10.1108/FS-06-2020-0058

Shiyong Yin, Jinsong Bao, Yiming Zhang dan Xiaodi Huang, "M2M Security Technology of CPS Based on Blockchains," Symmetry 9:193, (2019), 1-16.

Siyuan Han, Zihuan Xu dan Lei Chen, "Jupiter: A Blockchain Platform for Mobile Devices" (prosiding seminar, 34th IEEE International Conference on Data Engineering, Paris, Perancis, 16-19 April 2018), 1649-1652.

Standard Syariah AAOIFI Nombor 9.

Varun Deshpande, Hakim Badis dan Laurent George, "BTCmap: Mapping Bitcoin Peer-to-Peer Network Topology" (prosiding seminar, IFIP/IEEE International Conference on Performance Evaluation and Modeling in Wired and Wireless Networks (PEMWN), Toulouse, Perancis, 26-28 September 2018), 1-6.

Ye Guo dan Chen Liang, "Blockchain application and outlook in the banking industry," Financial Innovation vol. 2, issue 24, (2016), 1-12.

Yue Hao, Yi Li, Xinghua Dong, Li Fang dan Ping Chen, "Performance Analysis of Consensus Algorithm in Private Blockchain" (prosiding seminar, IEEE Intelligent Vehicles Symposium (IV), Changshu, Suzhou, China, 26-30 Jun 2018), 280-285.

Published

2023-07-06

How to Cite

Mohd Tarmizi, M. N., Buang, A. H. ., & Daud, M. Z. (2023). MEMPERKASAKAN SISTEM TERAS PERBANKAN ISLAM DENGAN KONTRAK SYARIAH, BLOK RANTAI DAN KONTRAK PINTAR: SUATU KAJIAN KUALITATIF : Empowering Islamic Core Banking System with Shariah Contract, Blockchain and Smart Contract: A Qualitative Study . Jurnal Syariah, 31(1), 39–65. Retrieved from https://ejournal.um.edu.my/index.php/JS/article/view/39478

Most read articles by the same author(s)

1 2 3 > >>